A vision for World Class Payments in the UK A focus on Open Access to payment systems for payment providers Contents

Introduction 5

What is Open Access? 6

What is a payment scheme? 7

What are the current access arrangements? 8

The current payments landscape in 10 the UK – a five layer model

What work has the industry already done 12 to help support Open Access?

Who benefits from Open Access? 13

Feedback from Payment Service Providers 13

What factors will support the delivery 14 of further improvement in the UK?

What approach on access is taken 16 elsewhere in the world?

Next steps 18

Where can I find out more 18 about Open Access?

References 18

2 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 3 As part of Payments UK’s World Class Payments work four capabilities/features have been identified as priorities, which Payments UK believes should be the focus to deliver new benefits in payments.

Details of the nine other capabilities which customers, businesses and the industry indicated they want from their payments of tomorrow can be found in our World Class Payments Report available from www.paymentsuk.org.uk Introduction

Over the past two years we have taken an evidence-based approach to establish what world class payments means to different groups of customers. Following engagement with a wide range of stakeholders, in August 2015 we published our first World Class Payments report. In it we set out a clear vision of how payments in the UK could be developed to deliver optimum benefits to the UK and its customers, whilst also supporting competition and innovation in a changing financial landscape. We have continued to share our work with the Payments Strategy Forum, which was set up by the new payments Open Access would give simpler regulator in 2015, to aid its work to develop a strategy for the payments industry. The PSF access to the payments infrastructure are due to publish their recommendations for consultation this summer (2016). for all those who oer payments services to customers Our World Class Payments work has This report focuses on one of the painted a picture of a world where four priorities – Open Access, Open Access to the everyone making and receiving which is about further improving n Acc payments infrastructure Ope ess payments has greater control and the access arrangements to UK Access to the payments visibility over their payments, and payment systems for Payment infrastructure for all those where innovators are easily able to Service Providers (PSPs). This C who offer payments o develop solutions that can be simply capability has the potential to deliver n to customers has been fi and quickly integrated into existing the broadest benefits proposed by y r a m identified as a crucial

P payment services. World Class Payments. Not only a enabler to support healthy o t would further simplification of access

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t o In last August’s report we identified competition and innovation.

Request to Pay t Confirmation of

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thirteen key capabilities or features o

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customers more q confirmation for support innovation, which would a

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control and flexibility R customers that the e e world class. over their payments person they are capability would also facilitate the increased use of common messaging paying is who they Payments UK believes four of these standards that would yield benefits intend it to be should be prioritised (see diagram E domestically but would also support nh ata before they make opposite). All four priorities are anced D interoperability for UK customers interlinked, in that together they a payment on the global stage. can be leveraged to provide optimum benefits for the UK.

Enhanced Data would give customers more and better information about their payment

4 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 5 What is Open Access? What is a payment scheme?

Open Access is about achieving However, the payments landscape UK's Main Domestic A payment scheme, also known Characteristics of a UK UK’s main payment schemes the optimum arrangements has changed dramatically since as a Payment System Operator Payment Schemes payment scheme Bacs Payment Schemes Limited for payment service providers the UK’s main payment systems (PSO), is a body that sets the rules • offers a service to move money Bacs is the scheme responsible for (PSPs) who need to access the were first designed and introduced. or Payment System and technical standards for the between parties the payment system that enables UK payments systems to enable Notably, historically there were far execution of payment transactions Operators • has a governance structure that electronic transfer of funds directly them to be competitive and fewer financial providers wishing using the underlying payment includes independent directors to a specified account (Direct innovative without compromising to access payment systems than systems. Payment schemes manage 1968 with a mandate to represent the Credit) and the collection of pre- the resilience and security of the there are today. Today, there are an access and scheme risk as well as authorised debits on a payer’s bank Bacs Payments Schemes Ltd views of all service users, together payments infrastructure. estimated 2,500 PSPs authorised to the day‑to-day operations of the account (Direct Debit). offer payment services in the UK. In payment systems and processes. with directors appointed from the and building societies or any addition the pace of technological They ensure any regulatory members of the scheme The Belfast Bankers’ Clearing other organisation that provides advancements has increased requirements associated with the • custodians of the payment Company Limited (BBCCL) its customers with facilities to markedly and so too have customer 1984 processing of payments are met. scheme rules and technical BBCCL is the scheme responsible make and receive payments, need and regulatory requirements. standards for operation of the for the oversight of the systems to be able to access the UK’s Chaps Clearing Company Ltd Bacs, Chaps, Faster Payments and payment schemes used for the processing of cheques main payment systems. There are Although much has been done LINK are the UK’s main electronic and other paper instruments in • responsible for the operation two main routes to gain access: already to improve access schemes. The Cheque and Credit and risk management of the Northern Ireland. direct access through a payment arrangements to current systems Clearing Company is currently underlying payment systems CHAPS Clearing Company Limited scheme or indirect access via an there is still scope to make other 1985 managing a project to introduce CHAPS Co is the scheme organisation with direct access. changes to benefit all PSPs – now faster cheque processing and • complies with regulatory aspects Cheque & Credit Clearing responsible for the CHAPS payment Open Access is considered vital and in the future. cheque imaging which will result governing payment schemes Company Ltd system that enables real-time, to create effective competition in it becoming another electronic and systems high-value sterling payments where and innovation in the provision of The numbers of new and emerging payment scheme. Unlike other UK • has access criteria and an payments are settled over the payment services. financial players looks set to continue schemes Chaps is primarily used for application process for joining ’s Real Time Gross to grow, and their needs will further wholesale payments. Each scheme • procurement of service supply Settlement (RTGS) system. The UK’s domestic payments change the landscape – particularly offers distinct payment products, 1986 systems have evolved over many with the advent of new regulations essentially ‘push’, ‘pull’, real-time or Scheme rules and procedures Cheque and Credit Clearing years. They were created to enable such as PSD2 which will create Link Scheme scheduled payments. Each payment scheme’s rules and Company (C&CCC) the provision of distinctly different opportunities for new services and procedures provides an instruction C&CCC is the scheme responsible payment products to and from business models. New PSPs will PSPs who wish to offer a full range manual which dictates how money for managing the processing of accounts – for instance push or also need to be made aware of their of services to their customers, need is moved from one participant to cheques and other paper payment pull payments, real-time and responsibilities when accessing access to all schemes. In addition, another (e.g. Bank A to Bank ) within instruments in England, Scotland scheduled payments. payment schemes. 2007 those PSPs may also need to access the relevant underlying payment and Wales. The Belfast Bankers’ Clearing global card schemes and in the system and payment infrastructure. The UK’s systems are managed There are three main card schemes Company Limited UK this may include Visa Europe, Faster Payments Scheme Limited by regulated Payment System in the UK: American Express, MasterCard and American Express. Adherence to payment scheme Faster Payments enables Operators or schemes (see box on MasterCard and Visa Europe. These Access to all of these payments rules is mandatory for all electronic real-time payments right). They are renowned for their are global schemes so their access systems is a choice for PSPs, driven organisations accessing payment via internet, telephone and mobile reliability, resilience and security arrangements are designed to meet banking applications, as well as 2008 by their business model, the size of systems. Examples of the areas and to maintain these requires wider criteria than those set in the their business and which eligibility payment scheme rules and standing orders. that clear criteria are in place to UK for domestic schemes. Aligning Faster Payments Scheme criteria they meet. Access to all the technical standards cover include: determine whether and how PSPs global card schemes with domestic LINK Scheme main schemes, whether direct or LINK is the scheme responsible and corporates access the systems. schemes would be challenging and • currency of the money to be indirect, is regarded as a necessity for end-users’ access to cash the justification for doing so has not exchanged e.g. UK sterling by many PSPs. (amongst other activities) via the been made. • timelines to be observed by UK’s ATM network. payment service providers when executing a payment transaction Global card payment schemes • the standard data formats The global card schemes that operate used to exchange messages in the UK are American Express, between participants MasterCard and Visa Europe.

6 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 7 What are the current access arrangements?

Any payment service provider Indirect Access The access options and decisions (PSP) wanting to offer customers An organisation is considered to for a PSP about which payment a particular payment product or have indirect access to a payment systems to access will depend upon "As an independent director I take service, needs access to the relevant system if they have a contractual a number of factors, including: payment system overseen by the arrangement with another care to listen carefully to the views payment schemes; depending on organisation that already has direct • the PSP’s customer proposition expressed by our members and the the scheme, there are two principal access to that payment system. This wider payments community about routes to gain access: direct access access method is also commonly • the products the PSP wishes to and indirect access. known as sponsored access and offer customers their concerns and challenges with provides an alternative to scheme • the type and volume of access to the payment systems. It is Direct Access membership or participation. These payments they need to make An organisation is considered to clear to me that both existing and organisations may also have direct have direct access to a payment technical access to the payment • how a PSP wants to connect potential users are looking for a system if they are able to provide systems infrastructure but their to the payment systems payment services as a result of simpler landscape and I hope that this sponsor settles their payments and infrastructure having an arrangement with the report is useful in helping inform the may provide other services. • whether the PSP wants to take on payment system operator (the the obligations and responsibilities industry on this important subject." payment scheme), This arrangement Some of the UK payment schemes of scheme membership is achieved by joining a payment offer alternative access options CLARE SPOTTISWOODE, INDEPENDENT DIRECTOR , scheme as a member or direct depending on a PSP's needs. • whether the PSP can meet the PAYMENTS UK participant. These organisations Information on these is made access criteria required for the have a direct technical connection available on the payment scheme payment scheme membership to the central infrastructure (or websites and by PSPs discussing their in question. similar arrangement). They also needs with respective schemes. settle their payments directly by holding a settlement* account at the Bank of England.

Over 98% of sterling payments in the UK, by value, are made electronically. The rapid growing use of electronic payments over the past decade is a testament to customers’ confidence in reliability and security of the underlying systems.

In 2014 the volume of non-cash payment transactions surpassed those of cash for the first time. One of the drivers behind this shift has been the growing availability of internet and mobile banking for customers to make their payments. To offer remote banking to customers, PSPs and new market entrants need to access the UK’s electronic payment system. If a PSP wishes to provide a full range of services to their customers, they will need access to all systems.

*Settlement – The discharge of obligations in respect of funds owing between two or more participants in a payment system.

8 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 9 The current payments landscape in the UK – a five layer model

The current UK payments making and receiving payments. Technical layer similar, as they were each created at infrastructure can be described as Each of the schemes has its own PSPs need to connect to the different times, they all have unique having five layers: rules both for participation/ scheme’s central system with characteristics that continue to membership and for each of the enough flexibility to allow for evolve separately. PSPs who access Governance layer products and services they provide. the different ways that they send all three retail schemes will find that Needed to ensure that the payments Rules differ to reflect the different and receive payments. Each although there are many similarities, system meets its stated objectives risk characteristics of each scheme's of the UK’s domestic schemes they vary greatly on each of the five and regulatory requirements. respective products/services, but uses different technology or layers particularly with regards to Each of the current payment scope exists to harmonise many infrastructure for access. rules and standards. For some PSPs, schemes has its own governance aspects of them. especially smaller ones, the need to arrangements in place to ensure Settlement understand, navigate and adhere efficiency, security and reliability Standards Critical to ensure that PSPs settle to similar but different scheme of the system is maintained and to Critical for cross industry their obligations when using the rules, standards and technological deliver innovation. This also means interoperability between PSPs payment system. Each of the requirements can be demanding on that each scheme sets and delivers and resilience in the system schemes has a different settlement their resources and management. strategy independently. overall. Each scheme has different model, partly because of history standards, in part because they and partly reflecting the needs of Schemes have autonomy to develop Rules were created at different points in each scheme’s products. their own products or services, Required to ensure stability: all time. These standards are either which may mean that PSPs may participants need to understand domestic or are UK adaptations of Each of the three main retail find themselves investing more than and meet their obligations when international standards. electronic schemes contains all once to achieve a similar outcome. five layers, and although they are

The diagrams below illustrate that although there are many similarities between current schemes there are also many differences.

Scheme A Scheme B Scheme C “As the UK’s leading , focused on providing customers Governance Governance Governance with unparalleled levels of service and convenience, we require access to a wide range of industry services so that we can provide our customers with a unique banking experience. Being a new entrant, Rules Rules Rules access to the payments system has been challenging and we feel that the existence of many similar systems with different rules and governance procedures is unnecessary and inefficient. Standards Standards Standards “The industry as a whole needs to work together to simplify the current landscape, saving financial service providers considerable Technology Technology Technology time and resources dealing with the current complexity, and more time focussed on providing value to their customers.”

Settlement Settlement Settlement BECKY CLEMENTS, HEAD OF INDUSTRY ENGAGEMENT AND PAYMENT CHANGE, METRO BANK

10 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 11 W

What work has the industry already done Who benefits from Open Access? to help support Open Access? PSPs are the obvious beneficiaries of current landscape, a simplified model any additional improvements made would make joining and ‘plugging The industry has delivered out standards of best practice for existing, and emerging PSPs believe to access arrangements to payment in’ to the system easier. It would significant changes to improve key elements of the commercial a better access landscape would systems. This supports competition in mean much more consistent rule access arrangements and simplify arrangements between indirect look like. A key finding was that the market which in turn will benefit sets or even potentially one common technological and standards for access providers and indirect PSPs. greater simplicity in the payments users and customers. rule set for all of the products and smaller players and new entrants. landscape would aid Open Access. services that the PSP wished to These have been achieved During the past year as part of Thirteen capabilities were identified access. It would also mean one set by working with the Payment our World Class Payments work All our findings have been shared during the course of our World Class of standards, one technical access Systems Regulator. Payments UK has engaged with with the Payment Strategy Forum Payments work and Open Access model and finally the potential to a wide cross-section of industry to help inform them in their decision is by far the most far reaching simplify settlement even where the Faster Payments and Bacs have stakeholders to understand what making process. given that could involve simplifying PSP is using more than one product. already undertaken very valuable governance, messaging and technical work to improve direct technical standards, rules, technology and This would create an optimum platform access for PSPs who wish to access settlement arrangements. for PSPs, acting as an enabler for them these payment systems. This to focus on offering customers the should provide improved technical "The opportunities for FinTechs to innovate around For new entrants into the UK market, widest range of products or services. functionality and choice for these the UK’s payments systems are significant and there or existing indirect participants of the PSPs and address the technology are many challenges for them because the current layer identified in the model on page 10. CHAPS has introduced landscape is complex and difficult to access. Though Feedback from Payment Service Providers a number of improvements to many FinTech payment service providers look to the onboarding process for new provide a range of payment services, the focus for Although business models differ, • the ability to leverage payment participants. More detail on each many of these is the need to be able to use Faster banks, building societies, financial systems to develop and scheme’s initiatives to improve institutions and other payment create competitive payments Open Access will be available on Payments in conjunction with their own technology service providers have a number of propositions for customers their respective websites. core requirements from payment to create innovative new payment services. These • the ability to choose when and systems. PSPs’ key feedback on The industry has also worked PSPs aren’t all regulated and certainly don’t currently how migration from existing Open Access included: together with the Payment Systems all have the necessary access to settle with other processes (and providers) Regulator to launch an Access to • open and transparent access to any new standards occur, Payments Systems website www. Faster Payments participants, they just want to be able to payments services with ensuring there is no detrimental accesstopaymentsystems.co.uk; to access and make full use of the Faster Payment common technical standards, impact on customers this information hub lays out the scheme’s functionality. rules and practices different options for access and is designed to help, in particular, new entrant PSPs to understand the Opening up direct technical access through landscape and the options that they technology aggregators and simplifying the access “For many PSPs the main requirement is for access to have to access the payment systems. rules is giving PSPs this opportunity.* To support the 24/7 real time payments capabilities through Faster Payments UK has consulted a smaller, non-bank players, there is a need to replicate Payments and Faster Payments’ aggregator model range of users of indirect access the access or sponsorship approach taken by the will be a considerable help in this regard. However, and worked with the Payment Systems Regulator and the four card schemes to facilitate indirect membership and feedback from PSPs suggests that potentially having main indirect access providers settlement, whilst ensuring the interbank payment different aggregators for each scheme is not their (, HSBC, Lloyds Banking systems are appropriately safeguarded, and Raphaels Group, RBS) to develop a preferred solution, it would need to be one access voluntary Code of Conduct for expects to play a facilitating role in this market." model for all of the schemes.” Indirect Access Providers www. accesstopaymentsystems.co.uk/ MIKE SMITH, COMMERCIAL DIRECTOR, RAPHAELS BANK TIM YUDIN, DIRECTOR OF DESIGN AND DELIVERY, PAYMENTS UK code-of-conduct. The Code sets

*www.fasterpayments.org.uk/access-payments/vision-new-access-model

12 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 13 What factors will support delivery of further improvements in the UK?

There are a number of challenges Challenge 3 – gaining consensus that will need to be addressed on the financial model to in order to deliver the user and further improve Open Access “We have examined the current customer benefits, potential There are a variety of funding structure of the industry, specifically for improved competition and models which could be used, from focusing on the interbank payment opportunity for more innovation. investment by existing scheme systems. Stakeholders of the participants to purely competitive Challenge 1 – attaining industry propositions. It is clear that payments systems told us that the momentum and commitment to some aspects lend themselves current structure is complex and deliver improved Open Access more towards the former e.g. the The Payment Systems Regulator’s governance, rules and standards there is a desire for simplification. Payments Strategy Forum is layers and others towards the latter, Creating a single point of access by currently considering a variety of notably the technical access layer. combining existing schemes under payments challenges and associated It should be noted that the banks' solution approach options with the payment and schemes' resources one governance structure has the aim of developing an overall strategy are limited as they are already potential to lower costs and improve for payments. They would need to required to implement a number transparency in the market for all agree that improved Open Access of regulatory changes. should be a priority for the industry. payment systems providers.” Challenge 4 – collaboration DR. PAULA RAMADA Collective agreement would be is required needed to confirm the approach PARTNER, LONDON ECONOMICS Collaboration would be required and then on the delivery timeline to deliver the common elements and funding model. of an Open Access model between diverse, sometimes competing, Challenge 2 – timing and the industry players across a divergent development of a practical payments market, i.e. infrastructure transition plan developers/payment schemes/ Any move towards a delivering a banks/regulators. simplified model would need to be planned and managed carefully A wide variety of relevant to ensure that any transition stakeholders were identified in the risk is managed and that the World Class Payments research on desired benefits are achieved Open Access. All these stakeholders in an appropriate timescale. In would need to be engaged in the addition any change needs to be future to ensure that any solution managed during a period when for Open Access fully meets PSP the industry already has a number needs and is delivered in the most of existing changes underway, the appropriate manner to support most obvious being PSD2 and the interoperability and ubiquity. implementation of Ring Fencing.

14 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 15 What approach on access is taken elsewhere in the world?

Making international comparisons Recently as in the UK there has can process a wide variety of fast the rules layer. They also address the is never easy because it is not been growing demand from new data-rich payments for their account standards layer in their statement always possible to compare like entrants and FinTechs for improved holders.’ NPP’s architecture is a on implementing ISO 20022: ‘The with like. The UK has always been access to payment systems. There layered model to separate ‘overlay adoption of ISO 20022 is a key a key global financial centre and are extensive debates happening services’ (so not actual payment component, and positive first step, therefore it has always been a globally about how to balance the processing) from the underlying in our strategic plan to modernize leader in terms of payments and need to provide Open Access to payment systems in the New Canada’s core national clearing* payment systems. This means that these new players with the need to Payments Platform programme and settlement** framework and the UK’s infrastructure is often more maintain the stability and resilience (NPP) that is currently being built. infrastructure. The goal: to create complex than smaller economies. of the system. Some countries are a modern payment system that is actively embracing the challenges In the UK we have many of these fast, flexible and secure, promotes Payment systems around the world whilst others are adopting a more ‘overlay’ or ‘industry services’ inside innovation and strengthens Canada’s are traditionally governed, owned cautious approach. the current payment systems. So competitive position.’ and operated by the country’s for example the Current Account major banks, or by the central bank. Australia Switch Service is operated by These two examples show how This is a historic situation driven Bacs. However the service actually globally there is recognition Australia for example, has a by the need for substantial initial interacts across whole industry and that simplifying governance and centralised governance model investment. It reflects the fact that all the domestic payment systems. introducing common rules and under the Australian Payments the majority of payment volumes standards is an important enabler Association and effectively ‘owns’ in most countries is between a Canada for efficiency and this is most visible and manages the domestic payment few large institutions and reflects in recent years where many other system in one entity. They are Another example is in Canada, the need for stability, resilience countries are also planning for or currently building a New Payments where the Canadian Payments and oversight from the country’s have adopted the ISO 20022 global Platform (NPP) which will create Association (CPA) as part of its central bank. standard for payments to address a new national infrastructure for strategic plan for payments, states the standards layer. fast, flexible, data-rich payments. that one of its priorities is to: In terms of its overall architecture ‘Ensure systems are current (from a access is open and the description technology & business perspective) by the APCA is: ‘The NPP will be including the rules framework’, so Open Access infrastructure for they understand the need to address Australian payments. The intention is that all Authorised Deposit-taking Institutions (ADIs) will connect to the NPP, either directly or indirectly through another member, so they

*Clearing – The process of transmitting, reconciling and, in some cases, confirming transfer orders prior to settlement, potentially including the netting of orders and the establishment of final positions for settlement. **Settlement – The discharge of obligations in respect of funds owing between two or more participants in a payment system.

16 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 17 Next steps References We would like to thank all the following organisations for their invaluable input The Payment Systems Regulator is currently World Class Payments in the UK – conducting a market review looking at indirect access Enhancing the payments experience and to determine if competition is working well for – An initial report (August 2015) The financial institutions, payment service providers and payment schemes listed below have contributed to those who use payment systems. It is also conducting a Available from the validation of the capabilities and requirements and supported the project team via the steering committee: market review into the ownership and competitiveness www.paymentsuk.org.uk of infrastructure provision. Payments UK • Bacs Payment Schemes Limited • Coventry Building Society • Nationwide Building Society • Bank of England • Faster Payments Scheme Limited • Payment Systems Regulator (in The Payment Strategy Forum, the strategy setting World Class Payments – A report on (in observer capacity) • observer capacity) body for the industry, is also currently examining how consumers around the world • Barclays • HSBC • Royal Group whether and how payment systems can be developed make payments (February 2016) • CHAPS Clearing Company • Ipagoo/Orwell Group • Santander to simplify access, consider commonality of messaging Available from www.paymentsuk. Limited • • standards and consider centralised functions aimed at org.uk • Cheque and Credit Clearing • Metro Bank • Virgin Money preventing financial crime and how to reduce the cost Payments UK Company • Yorkshire Building Society of compliance. Payments UK, the payment systems operators and stakeholders from across the industry have World Class Payments in the UK all input to help inform them in their decision making – A focus on Enhanced Data with By the end of June 2015 representatives from the following organisations had received an overview of the World process. They are expected to publish their proposed payments (March 2016) Class Payments framework for change, provided their comments and some have contributed to advisory groups. recommendation for consultation this summer. Available from www.paymentsuk.org.uk Payments Community Customer Groups Third Party Processors We have continued to take a proactive approach to Payments UK • American Express • Age UK and Vendors share our insights, evidence and understanding with the • • BBA Consumer Panel • ACI Payment Systems Payments Strategy Forum. They are currently focussing A vision for World Class Payments • UK • Charities Aid Foundation • Bottomline Technologies on this area with the expectation of publishing their in the UK – A focus on a Request to • Bank of Tokyo-Mitsubishi UFJ • Essential Services Access • Experian Pay capability (March 2016) proposed strategy later this year. We hope our work • BBA Retail Committee Network • IdenTrust Available from in this area will support them. • BNP Paribas • Consumer • Oracle www.paymentsuk.org.uk • BNY Mellon Panel • Sage Payments UK • C. Hoare & Co. • Institute of Fundraising • SAP • Money Advice Service A vision for World Class Payments • Co-operative • SWIFT Where can I find out more • Toynbee Hall in the UK – A focus on Confirmation • Trade Bodies of Payee for customers making • Cumberland Building Society about Open Access? Corporates • Association of British Insurers payments (April 2016) • Danske Bank • Aviva • Association of Corporate Visit www.accesstopaymentsystems.org.uk or our Available from • Del Bank • The AA Treasurers website www.paymentsuk.org.uk. We would welcome www.paymentsuk.org.uk • Deutsche Bank • BT • British Chambers of Commerce your feedback and involvement with our work. If you Payments UK • Investec • Capita Asset Services • British Parking Association want to find out more about us or our work contact • JP Morgan • Comic Relief https://www.cdnpay.ca/ • Business Application Software [email protected] • Leeds Building Society Developers Association Canadian Payments Association • Dixons Carphone Group • LINK • Cornerstone Mutual Services (CPA) • The Engine Group • MasterCard • Mondelēz International • Electronic Money Association http://www.apca.com.au/ • PayPal • Royal Mail • European Payments Council Australian Payments Clearing • Post Office • • Federation of Small Businesses Association (APCA) • Raphaels Bank • Wolseley UK • Financial Data and Technology • Sainsbury’s Bank Association https://www.psr.org.uk/ • Think Money Government/Local Government • Financial Fraud Action UK Financial Conduct Authority • Travelex • Cabinet Office • Institute of Chartered Payment Systems Regulator • Triodos Bank • City of London Corporation Accountants in England & Wales • TSB • Department for Work and • Institute of Revenue Rating & http://londoneconomics.co.uk/ Valuation • Vanquis Pensions London Economics • The Investment Association • VocaLink • Durham County Council • The UK Cards Association • Voice Commerce Group • Government Digital Service • HM Revenue & Customs • UK National e-Invoicing Forum

18 A vision for World Class Payments in the UK – a focus on Open Access A vision for World Class Payments in the UK – a focus on Open Access 19 Open Access is about achieving the optimum arrangements for payment service providers who need to access UK payments systems. This enables them to be competitive and innovative.

Payments UK is the trade association launched in June 2015 to support the rapidly evolving payments industry. Payments UK brings its members and wider stakeholders together to make the UK’s payment services better for customers and to ensure UK payment services remain world class.

June 2016

Payments UK 2 Thomas More Square London E1W 1YN T: 020 3217 8200 E: [email protected] paymentsuk.org.uk